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Understanding the great trade collapse of 2008–09 and the subsequent trade recovery

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  • Meredith A. Crowley
  • Xi Luo

Abstract

This article documents the Great Trade Collapse of 2008–09, as well as the dramatic recovery in trade of 2009–10. The authors consider how three distinct policy actions — fiscal stimulus, funding for trade finance and a commitment to refrain from increasing trade barriers — might have affected both the collapse and recovery.

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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2011)
Issue (Month): Q II ()
Pages: 44-68

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Handle: RePEc:fip:fedhep:y:2011:i:qii:p:44-68:n:v.35no.2

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Related research

Keywords: Gross domestic product ; Trade ; Recessions;

References

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  1. Andrei A. Levchenko & Logan Lewis & Linda L. Tesar, 2009. "The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun," Working Papers 592, Research Seminar in International Economics, University of Michigan.
  2. Caroline L. Freund & Diana Weinhold, 2000. "On the effect of the Internet on international trade," International Finance Discussion Papers 693, Board of Governors of the Federal Reserve System (U.S.).
  3. Thomas J. Prusa, 1999. "On the Spread and Impact of Antidumping," NBER Working Papers 7404, National Bureau of Economic Research, Inc.
  4. Simeon Djankov & Caroline Freund & Cong S. Pham, 2010. "Trading on Time," The Review of Economics and Statistics, MIT Press, vol. 92(1), pages 166-173, February.
  5. Arvind Subramanian & Shang-Jin Wei, 2003. "The WTO Promotes Trade, Strongly But Unevenly," NBER Working Papers 10024, National Bureau of Economic Research, Inc.
  6. George Alessandria & Joseph P. Kaboski & Virgiliu Midrigan, 2010. "The Great Trade Collapse of 2008-09: An Inventory Adjustment?," NBER Working Papers 16059, National Bureau of Economic Research, Inc.
  7. Sébastien Miroudot & Rainer Lanz & Alexandros Ragoussis, 2009. "Trade in Intermediate Goods and Services," OECD Trade Policy Papers 93, OECD Publishing.
  8. Leland Crane & Meredith Crowley & Saad Quayyum, 2007. "Understanding the evolution of trade deficits: trade elasticities of industrialized countries," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 2-17.
  9. Meredith A. Crowley, 2003. "An introduction to the WTO and GATT," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 42-57.
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Cited by:
  1. Coughlin, Cletus C., 2014. "The great trade collapse and rebound: a state-by-state view," Review, Federal Reserve Bank of St. Louis, vol. 96(1), pages 13-33.

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